Daily Pivots: (S1) 0.9912; (P) 0.9970; (R1) 1.0005; More….
EUR/CHF’s break of 0.9953 resistance turned support indicates short term topping at 1.0095. Intraday bias is mildly on the downside for 55 day EMA (now at 0.9877), or further to 38.2% retracement of 0.9407 to 1.0095 at 0.9832. On the upside, above 0.9998 minor resistance will turn bias back to the upside for retesting 1.0095 high instead.
In the bigger picture, break of 38.2% retracement of 1.1149 to 0.9407 at 1.0072 and 55 week EMA (now at 1.0041) is taken as an initial sign of long term bullish reversal. Further rally is expected as long as 55 days EMA (now at 0.9866) holds. Next target is 1.0505 cluster resistance (2020 low at 1.0505, 61.8% retracement of 1.1149 to 0.9407 at 1.1484). Reactions from there should reveal long term momentum.
